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Spotify prepares everything before the IPO

Tinuku ~ Spotify has completed all things including paying US$ 43.4 million for unpaid royalties prior to the IPO. Technology companies for streaming music services are getting all the plans ready for an Initial Public Offering (IPO). A number of preparations have been made, including solving legal cases and recruiting new talents.

Stockholm-based company Spotify is preparing for a new round as a public company. Established by Daniel Ek and Martin Lorentzon in April 2006 did not want any obstacles to hamper plans for an initial public offering of shares in the next few months.

Last week they had solved legal matters with a group of songwriters and music labels. The Company agreed to pay US$43.4 million for unpaid royalties, another preparation ahead of the IPO is to recruit great talents from well-known companies.

The Swedish company is reported to have added new people to the team are Chief Operating Officer of Disney Tom Staggs, Swedish investor Cristina Stenbeck, former VP of YouTube Products and MIT scholar Shishir Mehrota, and former Director of Microsoft Padmasree Warrior.

Spotify has business growth well. In March it had more than 50 million paid subscribers or increased 25 percent in the last six months in which in September 2016 they had 40 million paid users.

The technology company has a monthly premium paid service scheme for access to over 30 million songs and provides free services supported by advertising, although never revealing the total users of this service.

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